Investing.com – Canadian housing starts rose more-than-expected in November, industry data showed on Wednesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 187,000 units in November, up from 168,000 units in October.
Economists had expected housing starts to rise to 172,000 in November.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario.”
He added, “Looking ahead into 2011, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.”
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.01% to hit 1.0120.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose to 187,000 units in November, up from 168,000 units in October.
Economists had expected housing starts to rise to 172,000 in November.
Commenting on the report, chief economist at CMHC’s Market Analysis Centre Bob Dugan said, “Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario.”
He added, “Looking ahead into 2011, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.”
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.01% to hit 1.0120.